Dear Reader
Some promising developments this week for markets and investors in South and Southeast Asia, including blockbuster IPOs, funds raised, and improving financial performance among some startups.
Vietnam is being upgraded from emerging market status to a secondary emerging market by index provider FTSE Russell, following efforts by the government to attract more foreign investment. The move, effective a year later, would be a further boost to the Vietnamese stock market, which is already the best-performing in Southeast Asia, and potentially give investors in Vietnamese private assets a viable exit option.
Meanwhile, there are indications that neighbouring Thailand’s private equity industry is the region’s hidden gem, as this week’s Beyond The Buyout discusses.
In India, there are some $8 billion worth of initial public offerings lined up toward the end of the year. Among them are non-bank lender Tata Capital’s, and LG Electronics’ India unit. The latter’s public float has become the most subscribed share sale in two decades, ahead of its market debut next week, and has reportedly attracted anchor investors including Singapore’s GIC, Abu Dhabi Investment Authority, and Norwegian state-owned fund Norfund.
Another major IPO on the cards looks to be renewable energy company SAEL Industries, which is understood to be in the process of filing its draft prospectus. The company has just had a fresh injection of capital from Norfund in the form of convertible preference shares.
Fundraising and deals
DealStreetAsia data shows that startup funding in Southeast Asia was up sharply in September from a month earlier, though driven by one mega deal: the $188-million private equity investment in UltraGreen.ai, a Singapore-based provider of fluorescence-guided surgical technologies. The funding round was co-anchored by Temasek-linked 65 Equity Partners and UK-based Vitruvian Partners.
The major funding scoop we had this week was about the Indonesian maker of medicated oil Cap Lang potentially raising more than $1 billion in fresh funding, at a valuation of some $3 billion.
Singapore-headquartered equity management platform Qapita has raised $26.5 million in a Series B funding round led by The Charles Schwab Corporation. Qapita will use the funds to expand into the US, as well as launch its fund administration product in other markets.
Swedfund has invested $15 million in Excelsior Capital Vietnam Fund II to boost Vietnamese private sector development and growth. The $200 million-fund plans to invest in mid-sized Vietnamese companies across the healthcare, consumer, education, and technology sectors. This latest capital follows the Swiss Investment Fund for Emerging Markets (SIFEM) $20 million commitment in August this year.
In India, there was a modest uptick in the startup ecosystem in September 2025, in both deal volume and value, according to data tracked by the DealStreetAsia team. Investment activity was driven by deals in the pharmaceutical and education sectors.
Still, there are already six new unicorns minted in the country so far this year, even as investor sentiment has been more measured.
In this past week, deals included predictive AI startup Intangles raising $30 million in a funding round led by Avataar Venture Partners, with Baring India PE and Cactus Partners participating; and medical device maker Veiva Scientific talking to investors to raise fresh private equity capital.
Food startups Hunger Inc, and iD Fresh Food are also raising fresh capital from investors, underscoring the strength of domestic consumption-driven businesses.
Meanwhile, Dutch technology investor Prosus is acquiring a 10% stake in Indian online travel booking platform Ixigo, through a preferential equity share issue in its parent company Le Travenues Technology.
India’s Aavishkaar Group is partnering defence tech investment specialist Jamwant Ventures to raise a fund targeting domestic early-stage companies developing defence and related technology.
However, the team has also learned that talks around TPG and GIC-backed Asia Healthcare Holdings’ investing in Delhi-based diagnostic chain Dr. Dangs Lab have fallen through, owing to a mismatch in expectations on valuation.
Separately, Indonesian payments company Xendit is set to expand its operations in Malaysia following its full acquisition of Malaysian payments gateway Payex. Xendit now has operations across major Asian markets, including Thailand, the Philippines, Vietnam, Singapore, and Hong Kong.
Elsewhere, Ares Management has acquired a 49% stake in a diversified US renewable energy platform from EDP Renovaveis (EDPR) through a fund managed by its Infrastructure Opportunities unit. The deal values EDPR, which owns renewable energy assets across Europe, North America, South America and the Asia Pacific, at about $2.9 billion.
Financial results
Singapore-based blockchain analytics platform Nansen and its subsidiaries reported significantly lower losses in 2024 as revenue steadied and cost controls took hold.
Similarly, Funding Asia Group, the parent of Southeast Asian digital lender Funding Societies, narrowed losses for the year on the back of higher revenue and tighter cost controls.
Southeast Asian travel tech platform Traveloka reported robust earnings growth for 2024, on the back of higher revenue from strong travel demand and cost discipline, the company said. The company, backed by major investors including Indonesia Investment Authority (INA), Qatar Investment Authority, GIC, and BlackRock, had turned profitable in 2023.
Also, regulatory filings tracked by the team show that Philippine e-wallet GCash posted a strong y-o-y growth in earnings in 2024, driven by more transactions across its services. The company, operated by Globe Fintech Innovations and backed by Ant Group, MUFG, Warburg Pincus, and Ayala Group, is the country’s most widely-used fintech platform. While there has been talk about a public float for GCash, the company has also said an IPO is unlikely to take place this year.
Meanwhile, in this analysis on the Philippine digital banking sector, our reporter in the country looks into why takeup has been weak for new licenses despite the potential for growth.
In Indonesia, solar startup Xurya reported wider net losses owing to fewer turnkey projects. However, revenue from operational and maintenance, and solar lease services grew strongly, reflecting the company’s move towards recurring income streams.
What’s next
Amid growing global concerns about an AI bubble – and collapse – tech investors at the recent DealStreetAsia Asia PE-VC Summit 2025 had made it clear that Asia needs to build on its own strengths in demographics and innovation to create a model that is separate from Silicon Valley.
